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Registration number: 10339363

Dutton Property Management Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

 

Dutton Property Management Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Dutton Property Management Limited

Company Information

Director

Mr Mark Seymore Dutton

Registered office

49c Ryeworth Road
Charlton Kings
Cheltenham
Gloucestershire
GL52 6LS

Accountants

RiverView Portfolio Limited
1 Market Hill
Calne
Wiltshire
SN11 0BT

 

Dutton Property Management Limited

(Registration number: 10339363)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

257

78

Investment property

6

330,000

340,000

 

330,257

340,078

Current assets

 

Debtors

7

665

606

Cash at bank and in hand

 

8,095

5,859

 

8,760

6,465

Creditors: Amounts falling due within one year

8

(798)

(915)

Net current assets

 

7,962

5,550

Total assets less current liabilities

 

338,219

345,628

Creditors: Amounts falling due after more than one year

8

(308,233)

(307,566)

Provisions for liabilities

(23,150)

(25,050)

Net assets

 

6,836

13,012

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

98,694

106,794

Retained earnings

(91,958)

(93,882)

Shareholders' funds

 

6,836

13,012

For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 22 February 2024
 

 

Dutton Property Management Limited

(Registration number: 10339363)
Balance Sheet as at 31 August 2023 (continued)

.........................................
Mr Mark Seymore Dutton
Director

 

Dutton Property Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
49c Ryeworth Road
Charlton Kings
Cheltenham
Gloucestershire
GL52 6LS

These financial statements were authorised for issue by the director on 22 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

Straight Line 25%

 

Dutton Property Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

2

Accounting policies (continued)

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2022 - 0).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

100

254

 

Dutton Property Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2022

1,014

1,014

Additions

314

314

Disposals

(70)

(70)

At 31 August 2023

1,258

1,258

Depreciation

At 1 September 2022

936

936

Charge for the year

100

100

Eliminated on disposal

(35)

(35)

At 31 August 2023

1,001

1,001

Carrying amount

At 31 August 2023

257

257

At 31 August 2022

78

78

6

Investment properties

2023
£

At 1 September

340,000

Fair value adjustments

(10,000)

At 31 August

330,000

The fair value of the property at 31.08.2023 has been arrived at on the basis of a valuation carried out at that date by the director of the company, who is not a professionally qualified valuer. The valuation of £330,000 was arrived at by reference to the market evidence of transactions prices for similar properties in its location the property is situated.

7

Debtors

 

Dutton Property Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

7

Debtors (continued)

Current

2023
£

2022
£

Trade debtors

-

327

Prepayments

665

279

 

665

606

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

13

117

Accruals and deferred income

785

798

798

915

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

308,233

307,566

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

(8,100)

(8,100)

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

76,362

76,362

 

Dutton Property Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

97,865

97,874

Other borrowings

210,368

209,692

308,233

307,566